The Implied T-Bill Average Rate is the average yield on three-month CTBs required so that total return for each element of the pair until the next interconversion date is equal. It has been calculated using the Pairs Equivalency Calculator

Regrettably for those seeking to make easy money on the stock market, the closing price for BMO.PR.M on August 7, 2013, the last day of trading for regular settlement on or prior to the conversion deadline date of August 12, was …. 24.89, so there hasn’t been much profit for those buying BMO.PR.M for the sole purpose of converting and flipping; or, to put it another way, the conversion privilege supported the price of BMO.PR.M until the last moment.

BMO.PR.R will be tracked by HIMIPref™. It will be allocated to the FixedReset subindex for now, but will be transferred to a new FloatingReset subindex as soon as enough of this type of share exists.

so there hasn’t been much profit for those buying BMO.PR.M for the sole purpose of converting and flipping; or, to put it another way, the conversion privilege supported the price of BMO.PR.M until the last moment.

Or, put it another way, if you held onto BMO.PR.M instead of converting to BMO.PR.R, you were a sucker…

Of course, there is a bit of hindsight in this, but an assiduous market student should have looked at the other strong pairs mentioned above.